Trading ideas: Sunway, QL, MBSB, EATech, Solarvest, KAB, Systech, VS Industry, Eurospan, Hibiscus, Catcha, Go Hub, Ocean Fresh, Kronologi, ECA

KUALA LUMPUR: Here is a recap of the announcements that made headlines in Corporate Malaysia.

Sunway Bhd’s unit, Sunway Iskandar Sdn Bhd, a 60.0%-owned joint venture company, plans to acquire a 70.0% equity interest in Daiwa Sunway Development Sdn Bhd from Daiwa House Malaysia Sdn Bhd for RM25.5mn.

QL Resources Bhd’s subsidiary, Axrail, which is an Amazon Web Services Advanced Tier Services Partner in Malaysia, has opened a Generative AI Lab in Kuala Lumpur, Malaysia.

MBSB Bank Berhad said that it is actively collaborating with authorities to ensure a swift and thorough resolution of the illegal withdrawals case in Kota Kinabalu.

EA Technique (M) Bhd's has received shareholders’ approval for its proposed regularisation plan at its EGM.

Solarvest Holdings Bhd has formed a strategic partnership with Taiwan's GreenRock Energy to accelerate the development of green energy solutions in Taiwan and Malaysia.

Kinergy Advancement Bhd has joined hands with state-owned Permodalan Kedah Bhd to combine their efforts in developing various renewable energy projects across Malaysia, with a primary focus on the state of Kedah.

Systech Bhd has entered into a collaboration agreement with EH Integrated Systems Sdn Bhd, a company specialising in providing industrial-grade servers and storage solutions.

VS Industry Bhd has proposed a bonus issue of up 395.7mn warrants on the basis of 1 warrant for every 10 existing shares.

The unconditional mandatory general offer for furniture maker Eurospan Holdings Bhd by its substantial shareholders is “fair” and “reasonable”, said independent adviser BDO Capital Consultants Sdn Bhd.

Hibiscus Petroleum Bhd said that its associate company in Australia, 3D Energi Ltd, has entered into a right of first refusal deed regarding the sale of its share of future gas production with ConocoPhillips Australia group of companies.

Catcha Digital Bhd partnered with Khairy Jamaluddin and Shahril Hamdan, the founders of Keluar Sekejap Sdn Bhd, in a joint venture agreement to establish a new disruptive digital media venture, KS Lagi.

Go Hub Capital Bhd's initial public offering has been oversubscribed 78.7 times. The company is slated to be listed on the Ace Market of Bursa Malaysia on July 3.

Ocean Fresh Bhd’s initial public offering has been oversubscribed by 76.2 times. The company is expected to be listed on July 4, 2024 on Bursa Malaysia.

Kronologi Asia Bhd’s net profit fell 43.4% YoY to RM1.4mn in 1QFY25, from RM2.6mn a year ago, due to lower revenue and higher operating costs.

ECA Integrated Solutions Bhd’s net profit fell 92.9% YoY to RM0.3mn in 2QFY24, from RM3.5mn a year before, due to the slowdown in demand for semiconductor components and equipment.